Endorsement: Capitalism Without Capital: The Rise of the Intangible Economy, by Jonathan Haskel and Stian Westlake “is one of this year’s most important and stimulating economic reads.”  (Marginal Revolution)

Quote of the Day

"The two strongest forces in investing are “This investment looks broken because that’s how opportunity presents itself” and “This investment looks broken because it’s actually broken.” It’s hard to tell the difference in real time."

(Morgan Housel)

Chart of the Day

The credit rating agency model is broken.